MINING

Hokitika Guardian, 21 September 1938, Page 6

MINING

NEW RIVER. ,The\New River Gold Dredging Com-pftpvj-Rtd., reports for the year ended July 31, 1938, that, the dredge recovered 14240 z. of retorted gold at an average a week of 31oz 15dvvt. The net value recovered a yard Was 0.7 d, compared with 7d for the previous year. Working costs, including £14(55 depreciation on the dredge, were 3.7 d a yard, "and working profit 2d a yard, compared with 4.6 d and 2.4 d respectively a year ago. Since the date of balance the value of gold recovered has been 8d a> yard. The' average working hours were 119 a. week and 45 weeks for an average weekly yardage of 9960, of a total yarade of 448,000 for the year com, pared with 312,100 yards in the previous year. Gold export tax amounting to £B9O was naid during the year. At the date of balance the amount owing to the dredge builders was £299, and to second debenture holders £1523. During the year £2956 was paid to the builders and £7OO to the second debenture holders. Since the date ol balance payment.to the builders has been completed and a further £9OO paid to the second debenture holders. The accounts show a net profit on the year’s workings of £2312. The profit and loss appropriation account stands in the balance-sheet at £3463.